Aedas Homes has notified the Spanish National Securities Market Commission (CNMV) of the full repayment of a bond issue with a nominal value of €325 million, as well as the cancellation of a syndicated revolving loan for a maximum amount of €55 million, as part of a debt restructuring of more than €380 million.
According to the information sent to the market supervisor, the repayment affects the issue known as "€325,000,000 4.000% Senior Secured Notes due 2026", which is being cancelled ahead of its original maturity date.
In the same statement, the company explains that the repurchase of the bonds will be financed through a new senior debt issue for a maximum nominal amount of €262 million. The transaction has the express backing of Neinor Homes and is part of the process linked to the takeover bid for Aedas Homes, which has already been authorised by the regulator.
From a financial point of view, the transaction allows the developer to rearrange its maturity schedule by cancelling an issue maturing in 2026 and replacing it with new senior financing at a time marked by the company's acquisition process. The restructuring is taking place with the backing of the bidder and provides visibility to Aedas Homes' financial framework during the takeover bid period.
